Faith comes by hearing the word of God.
NLT - 17 So faith comes from hearing, that is, hearing the Good News about Christ.
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I would say that reading Scripture out loud would have the benefit of not allowing the reader's attention to drift, as it might when reading silently. Also, it seems to me that reading aloud would be an aid to memorization of the passages that are being read. Those in turn could assist in facilitating both knowledge and ready recall for application in specific situations, which could then also increase faith, as indicated in the verse cited in the question (and especially if the individual is reading the Bible with the intentional purpose or goal of increasing his or her faith)
My understating is that the communal reading of God’s Word was the primary way of learning about Christ during the OT as well as the NT Church. The scrolls containing the OT writings were kept in the synagogues and read from during the Sabbath worship or special occasions (Luke 4:16-20). Most believers would not have access to the scrolls to read them for themselves, so hearing the Word was probably the only way to learn the Scripture. Paul's letters were delivered to the church leaders who read them before the congregations who would gather in synagogues or in private homes like the case of Pricilla and Aquila (Rom 16:3-5). So, in this context, yes, reading the Good News out loud would increase the faith of those present. Today, however, when for most of us the Bible is widely available, reading out loud might not be as beneficial to increase our faith as it was back then - although while traveling by car or plane I like to listen to my Bible app.
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